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TransUnion report shows that the rate of suspected digital fraud attempts fromKenya in the year's second quarter (Q2) decreased by -27 per cent compared to the same period last year - The rate of suspected digital fraud attempts originating from
Kenya declined across half of the industries tracked TransUnion observed the largest declines fromKenya -based transactions in communities, which include online forums and dating at -70 per cent, telecommunications at -42 per cent and insurance at -20 per cent
A new report now shows that the rate of suspected digital fraud attempts from
According to
The rate of suspected digital fraud across all industries in
The industry that saw the biggest increase in the rate of suspected digital fraud attempts coming from
The most common fraud reported to
"The focus on the industry has been on identifying more of the good transactions and customers to allow them to pass with less friction," said
"Strong fraud and authentication practices decrease false positives and focus fraud-fighting resources on the minority of interactions that warrant scrutiny. By reducing the pool of manual reviews and customer interrogations, organisations can dramatically reduce costs, increase revenue, and improve the overall customer experience."
Insurance industry infiltrated by fraud
Overall, the report also noted that the global insurance industry saw a year-on-year suspected digital fraud attempt rate increase of 159 per cent in the second quarter, while the global logistics sector increased by 13 per cent.
"We have observed interesting trends in the first half of 2022 with suspected fraudulent activity in the insurance industry continuing to be elevated," said
"In recent years, fraudsters have shifted their industry focus each quarter. At this time, we believe the insurance industry is seeing more 'soft fraud' because some consumers may be representing their policies incorrectly in an effort to save money, especially in a high inflation environment that places more pressure on their wallets."
Cyber attacks move to corporates
In a related story, Kaspersky's Financial Cyberthreats report indicates that attacks in the financial sector in
Kaspersky Security Network data shows that the number of financial phishing attempts in the African regions increased significantly from Q1 to Q2 of 2022. Banks, payment systems, and e-commerce websites were attacked.
In the second quarter, a total of 100,192 financial phishing attacks aimed at organisations were detected in
Google invests in cybersecurity as users in
The largest share of attacks was directed at e-commerce websites, with banks and payment systems following. For the same period in
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